Bulletin: WY2012002

Date:
June 19, 2012
To:
All Wyoming Issuing Offices
RE:
ALTA Forms filed for use in Wyoming

Dear Associates:

Stewart Title Guaranty Company has recently filed the following new American Land Title Association (ALTA) forms for use in Wyoming. These forms were approved for use in Wyoming as of June 4, 2012.

The following are the newly adopted endorsement forms:

1. ALTA Endorsement 11.1-06 Mortgage Modification with Subordination (E9493) (10/22/09)
This endorsement is designed for issuance when an intervening lien is subordinated by agreement to the insured mortgage in connection with the modification of the insured mortgage. This form is similar to the ALTA Endorsement 11-06.

2. ALTA Endorsement 29-06 Interest Rate Swap - Additional Interest – Direct Obligation (E-9547) (02/03/10)
This endorsement insures the validity, priority, and enforceability of the lien of the Insured Mortgage as security for the repayment of the Swap Obligation. This endorsement will only be issued for Commercial transactions.

3. ALTA Endorsement 29.1-06 Interest Rate Swap - Additional Interest (E-9548) (02/03/10)
This new endorsement insures the validity, priority and enforceability of the lien of the Insured Mortgage as security for the repayment of the Swap Obligation that is considered additional interest. This endorsement will only be issued for Commercial transactions.

4. ALTA Endorsement 29.2-06 Interest Rate Swap - Direct Obligation – Defined Amount (E-9584) (08/01/11)
This endorsement insures against loss or damage, not to exceed the Additional Amount of Insurance, by reason of the invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as security for the repayment of the Swap Obligation at the Date of the Endorsement.

5. ALTA Endorsement 29.3-06 Interest Rate Swap - Additional Interest Defined Amount (E-9585) (08/01/11)
This endorsement insures against loss or damage, not to exceed the Additional Amount of Insurance, by reason of the invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as security for the repayment of the Additional Interest at Date of Endorsement.

6. ALTA Endorsement 30-06 One to Four Family Shared Appreciation Mortgage (E-9553) (07/06/10)
This new endorsement may be used in connection with loan workouts or other finance transactions where the mortgage could secure payment of a portion of the appreciation in value of the land. The endorsement is designed for issuance on mortgages covering one-to-four family residences.

7. ALTA Endorsement 31-06 Severable Improvements (E-9270) (02/03/11)
This new endorsement insures against covered losses with respect to property affixed to the land that does not constitute real property. The endorsement applies to commercial properties and insures not only specified loss resulting in the reduction in value of the insured's interest in any severable improvements but also stated cost actually incurred in connection with the removal of any severable improvement.

8. ALTA Endorsement 32-06 Construction Loan - Loss of Priority (E-9271) (02/03/11)
This new endorsement provides stated insurance with respect to the validity or priority of the lien of the insured mortgage as security for each construction loan advance made on or before the date of coverage.

9. ALTA Endorsement 32.1-06 Construction Loan - Loss of Priority – Direct Payment (E-9272) (02/03/11)
This new endorsement provides stated insurance with respect to the validity or priority of the lien of the insured mortgage as security for each construction loan advance made on or before the date coverage.

10. ALTA Endorsement 33-06 Disbursement (E-9273) (02/03/11)
This new endorsement provides for a change to the date of coverage, but not the date of policy. This endorsement does not serve to change the dates on any endorsements and/or extend coverage.

11. ALTA Endorsement 34-06 Indentified Risk Coverage (E-9586) (08/01/11)
This endorsement insures against loss or damage sustained by the insured by reason of: (a.) A final order or decree enforcing the Identified Risk in favor of an adverse party; or (b.) The release of a prospective purchaser or lessee of the Title or lender on the Title from the obligation to purchase, lease, or lend as a result of the Identified Risk, but only if (i.) there is a contractual condition requiring the delivery of marketable title, and (ii.) neither the Company nor any other title insurance company is willing to insure over the Identified Risk with the same conditions as in this endorsement.

The Wyoming Rate Manual has been updated to include these endorsement forms and the rate for them. It can be found at the following site: https://www.stewart.com/microsites/95/docs/rate_manual_wyoming.pdf

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.